Reminds me about the stuff I've read about Valve. In theory, and maybe if you have strong healthy de facto leadership it could work. In practice it seems more like an excuse to dodge responsibility, leading to pretty toxic places to work - but maybe there's another side to it.
I would say that the key difference is that in the traditional model I can learn about my potential bosses during the interview process. In the valve model I don't even know who my bosses will be during the interview process. As people like to say, interviews are a two way process.
Update: I read about it and no, they are basically anarcho syndicalist and overall owned by a enligtened/benevolent set of owners.